Bitcoin Price Technical Analysis (July 30): Stuck Between Support and Resistance

Bitcoin Eyes BTC Analysis

Bitcoin(BTC)trade is currently is trading at $9,565. Although the trend appears to be a downtrend, when looking closely it actually can be seen that the price is stuck in a sideways trend.

Resistance level is at $9,627 and support and support is at around $9,400. It is suggested not to take a long position at this price as it is stuck in indecision mode. Wait for the price to either break the resistance or support.

Bitcoin Graph July 30

Dow Theory

According to Dow Theory, the Bitcoin price is in the panic phase. The virtual coin usually ends up being oversold and provides good buying opportunity after the price settles. The panic phase is followed by the accumulation phase which marks the beginning of an uptrend.

Bitcoin Dow Theory July 30

Bollinger Bands

The price is moving between the channels with the lower channel limit acting as support. The channel is shrinking, indicating indecision. Only once the channel starts expanding then the trend can be predicted. Currently, the price is stuck in a sideways trend.

Bitcoin Bollinger Bands July 30

Moving Average

When taking 9 period moving averages (blue) with 21 period moving averages (red), a bearish crossover is seen, as the price is moving below 9 and above the 21 period moving average. In addition, the moving averages are very close to each other, indicating lesser volatility.

Bitcoin Moving Average July 30

Conclusion

Bitcoin(BTC)trade is currently is trading at $9,565. Resistance is at $9,627 and support is at approximately $9,400. Taking a long position is not suggested at this moment due to market indecision. Wait for the price to close above the resistance or below the support level.

Swing trading can be done using the above levels. A fall below the support level can take the price down to $9,200 and a rise above the resistance level can push the price to $9,800. Long term target is at $11,600

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 7396.3 8348.3 8907.0 9859.0 10417.7 11369.7 11928.4
Fibonacci 8348.3 8925.4 9281.9 9859.0 10436.1 10792.6 11369.7
Camarilla 9050.3 9188.7 9327.2 9859.0 9604.2 9742.7 9881.1
Woodie’s 7199.7 8250.0 8710.4 9760.7 10221.1 11271.4 11731.8

Technical Indicators

Name Value Action
RSI(14) 61.231 Buy
STOCH(9,6) 54.907 Neutral
STOCHRSI(14) 1.912 Oversold
MACD(12,26) 1340.300 Buy
ADX(14) 67.030 Buy
Williams %R -50.158 Neutral
CCI(14) 26.0385 Neutral
ATR(14) 1681.2999 High Volatility
Highs/Lows(14) 0.0000 Neutral
Ultimate Oscillator 54.109 Buy
ROC 76.864 Buy
Bull/Bear Power(13) 420.7358 Buy
AllStocks Cryptocurrency Exchange

Sharing Is Caring: